Our properties at Saratoga Capital Partners in New York, New York

Investor Information

Please use the information on this private access website to learn more about Saratoga Capital Partners' history, founders, prior success, investment process, and objectives going forward.

A property at Saratoga Capital Partners in New York, New York

Our Journey

 

  • July 2012 – Founded
  • 2017 – Started transition from “investor” model to self management model. Formed a management company headquartered in Atlanta, Georgia and started the transition to self managing the portfolio
  • 2021 – Completed transition to fully self managing all owned assets. ML Property Group, the entity that oversees the day-to-day operations of the portfolio, has a 120 person staff overseeing 20+ sites
  • 2021 – SCP sells three of the properties in its portfolio, realizing returns above proforma

 

Since inception, Saratoga Capital Partners has acquired approximately 5,000 units across 9 cities and 3 states.

Investment Objectives & Criteria

As mentioned above, Saratoga Capital Partners owns and manages all of its assets. We are vertically integrated and have built out a management team that handles accounting, risk, maintenance, compliance, and capital projects. Members of our management team have various accreditations such as certified mold specialist, LIHTC certification, and CPM designations. We have built up this staff in order to grow our assets under management. Our future goal is to acquire 4,000 units in the next 3-4 years.

Product at Saratoga Capital Partners in New York, New York

Product

Product

  • Apartment communities with 75-250 units
  • Well-built and maintained with good infrastructure, generally built after 1975
  • Class A, B, and C, Historic and LIHTC housing"
Locations at Saratoga Capital Partners in New York, New York

Market Strategy

Purchase assets in the “sunbelt” markets

  • Southern Virginia, North Carolina, South Carolina, Tennessee, Georgia, Florida, Alabama
  • Right to work states
  • Net migration and growing population
  • Lower cost of living and tax base for its residents
Target returns at Saratoga Capital Partners in New York, New York

Target Returns

Target Returns

  • 7-9% equity yields
  • 2x Equity Multiplier
  • 20% IRR

COMMUNITY SPOTLIGHTS

A summary of our performance metrics over the last 10 years list as follows:

  • 26 Properties Acquired since inception
  • 12 have had a return of capital of 50% or more
  • 8 have had a return of capital of 100% or more
  • 4 projects have been exited with an IRR in excess of 20% and an equity multiple of 2.5x

 

Killian Hill Apartments

Killian Hill Apartments
ATLANTA

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Vista Villa Apartments

Vista Villa
CHARLOTTE

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Valley Terrace Apartments

Valley Terrace
DURHAM

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Gwinnett Station Apartments

Gwinnett Station
TUCKER

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Azalea Apartments

Azalea Apartments
DURHAM

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Leadership Team




Matt Millman
Managing Member and
Founding Partner

Over the past 22 years, Matt has exclusively worked in commercial real estate, the majority of which in direct property investment. Since starting Saratoga with a single asset, Matt has seen the portfolio to grow to over 26 projects (spread over 5,000 units) in 3 states and coordinated the start of MLPG, the Saratoga’s management company affiliate. At Saratoga, Matt’s day to day responsibilities include sourcing acquisitions and overseeing execution of the asset management strategies for each asset.

Len Novick
Managing Member and
Founding Partner

Since 2001, Mr. Novick has been a Principal at Estreich and Company, Inc., a New York-based capital advisory firm that provides competitive debt and equity solutions to its clients. Mr. Novick has successfully completed over $10 billion in equity and debt financing secured by shopping centers, office, multifamily, retail, and single-tenant net leased properties. In addition, Mr. Novick has extensive experience in note and property sales, land acquisition, construction, and note financing. Mr. Novick has been an active real estate investor for over a decade. Prior to joining Estreich & Co, Mr. Novick co-headed the investment sales department at GarrickAug Associates in Manhattan, specializing in the sale of retail shopping centers, single-tenant net leased properties and remainderman interests.

Since founding Saratoga, Len’s day-to-day responsibilities have been to oversee each acquisition’s capitalization (both equity and debt), source acquisitions as well as run the disposition process for any project in the portfolio.

Mr. Novick has chaired multiple charity events benefiting The Lustgarten Foundation, raising awareness and critically needed funds for pancreatic cancer research. Mr. Novick is a past member of the board of trustees of The Frederick Gunn School formerly known as the Gunnery School in Washington, Connecticut. Mr. Novick obtained a BS from Syracuse University.

Process Oriented Investing

Saratoga Capital Partners Investment Process Creates Seamless Coordination Across Multiple Disciplines

Deal Sourcing

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Deal Sourcing

  • Research Driven Process
  • Comprehensive Pipeline
  • Broker Relationships

Due Diligence

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Due Diligence

Ownership

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Ownership

  • Ownership and asset management is an active process. Every project throughout tenure of ownership is always being evaluated for improvement and against the overall market.

Exit

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Exit

  • The disposition of any of our assets is run completely by our investment and management team from start to finish
  • We have successfully completed numerous 1031 exchanges, should that be the desired outcome for any disposition

Specific Business Strategies

Capitalize on favorable economic and demographic trends in the United States by targeting the middle market segment of select markets in the Southeast United States Capture the pending wave of property owners who will be selling due to fund maturities and higher interest rates. Make select acquisitions applying seeking out projects with the following criteria:

  • Poorly capitalized ownership
  • Properties with underperforming management, site staff and poor operating practices
  • Purchase properties in submarkets with consistent strong occupancy
  • Purchase in markets with more than one Economic Drivers (minimum of 2 drivers must be present in a market in order to commit to an acquisition)

Enhance value and performance through:

  • Operational Improvements
  • Addressing deferred maintenance
  • Systematic interior unit upgrades
  • Enhancing curb appeal
  • Intensive asset and property management

 

Reach out to learn more about opportunities with Saratoga Capital Partners